[Edaily Reporter Kwon Oh Seok ] It has been confirmed that the first-instance ruling was upheld in the appellate trial of the damages lawsuit filed by the integrated content company Artist United(321820)against Kim Dong-rae, former CEO of Artist Studio (formerly Raemong Raein). (Photo courtesy of Artist Company) According to the company on the 26th, the Seoul High Court dismissed both the appeal filed by former CEO Kim and the appeal filed by Artist Company regarding the lawsuit for damages that Artist Company filed against former CEO Kim last year, upholding the first-instance ruling. Previously, in September of last year, the trial court ruled that former CEO Kim’s refusal to transfer management control of Artist Studio constituted a clear breach of the investment agreement and ordered him to pay Artist Company approximately 5 billion won in liquidated damages and compensation for losses. In early 2024, Artist Company and others entered into an investment agreement with former CEO Kim and Raemong Raein and invested approximately 29 billion won on the condition that management control be transferred. However, after the investment was completed, former CEO Kim refused to transfer management control in violation of the contract, leading to a full-blown conflict between the two parties. Artist Company explained that it had to engage in numerous legal battles to secure management control of Artist Studio, and that the lawsuit for damages was filed to strictly hold the defendant accountable for the breach of contract that occurred during that process. An Artist Company official stated, “The court upheld the first-instance ruling—which established the defendant’s liability to pay 5 billion won in damages—by dismissing both parties’ appeals, thereby fully proving the company’s legal legitimacy and stability.” The official added, “With this ruling having completely resolved management control and legal risks, Artist Company will now focus all its corporate resources on enhancing shareholder value and launching new businesses in the second half of the year.”
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